Grants of restricted stock and restricted stock units (“RSUs”) of the Company in share-based payment transactions are considered participating securities prior to vesting and, therefore, are considered in computing basic earnings per share under the two-class method. The two-class method is an earnings allocation method for calculating earnings per share when a company’s capital structure includes either two or more classes of common stock or common stock and participating

securities. Earnings per basic share under the two-class method is calculated based on dividends declared on common shares and other participating securities (“distributed earnings”) and the rights of participating securities in any undistributed earnings, which represents net income remaining after deduction of dividends accruing during the period. The undistributed earnings are allocated to all outstanding common shares and participating securities based on the relative percentage of each security to the total number of outstanding participating securities. Earnings per basic share represents the summation of the distributed and undistributed earnings per share class divided by the total number of shares.

Through September 30, 2026, all of the Company’s participating securities received dividends or dividend equivalents at an equal dividend rate per share or unit. As a result, distributions to participating securities for the three and nine months ended September 30, 2026 and 2025 have been included in net income attributable to common stockholders to calculate net income per basic and diluted share. The shares necessary to settle the Exchangeable Notes under the if-converted method were anti-dilutive for the three and nine months ended September 30, 2026 and were excluded in the computation of diluted earnings per share.


	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2026		2025		2026			2025
Net income	$	31,895	$	29,305	$	108,556		$	86,406
Preferred stock dividends	(3,187)		(1,017)		(9,028)			(2,676)
Distribution to participating securities	(1,148)		(741)		(3,281)			(2,246)


Net income attributable to common stockholders used to compute net income per share (basic and diluted)	$	27,560	$	27,547	$	96,247		$	81,484

Weighted-average common shares outstanding
Basic	27,356,738		27,912,881		27,928,270			28,036,179
Restricted stock and RSUs	604,891		390,719		536,939			365,884

Diluted	27,961,629		28,303,600		28,465,209		—	28,402,063
Net income attributable to common stockholders per share:
Basic	$	1.01	$	0.99	$	3.45		$	2.91
Diluted	$	0.99	$	0.97	$	3.38		$	2.87